China Merchants Energy Shipping has secured long-term charters for two VLCCs at the same time as shedding a series of older bulkers from its fleet.
China VLCC, a China Merchants and Sinotrans joint-venture, has fixed tankers to BP and China Petroleum on two to three year deals worth CNY 495m ($75m), it told investors today.
It said the income was equal to 20% of its 2014 revenue, however, the company now has a larger fleet and the market has improved significantly in the interim.
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